🔹 Episode Overview:
In this episode, we’re joined by William Corner, Partner at Prelude Growth Partners, a New York-based private equity firm dedicated to the high-growth consumer space. William shares insights from his impressive journey through investment banking and private equity at firms like Goldman Sachs and TowerBrook Capital, to now helping build Prelude Growth from its inception to the recent close of Fund III. He explores critical investment lessons, the importance of talent, consumer industry trends, and the real-life challenges and rewards of building a PE firm from the ground up.

00:00 – Intro to William Corner & Prelude Growth Partners

William’s background: Goldman Sachs, TowerBrook, and JP Morgan
Prelude’s focus: high-growth consumer sectors like beauty, health & wellness, pet, baby, and food/beverage
Just closed Fund III – now managing $1.3B in AUM

02:24 – Common Mistakes in PE & Consumer Investing

Misunderstanding the type of risk (product, category, brand, execution)
Lack of clarity on risk-return profile per category
Undervaluing the importance of top-tier talent in portfolio companies

05:18 – Evaluating Talent and Leadership

Differences between a great founder/CEO and an average one
Importance of building the right team early
Partnership model: working closely with founders as a minority investor

07:41 – Passion for the Consumer Industry

How deep focus and passion improve investment intuition
Recognizing industry "tourists" vs committed insiders
Benefits of building a tight, focused ecosystem

09:39 – Lessons from Goldman Sachs & TowerBrook

Seeing institutional rigor and process
Learning high-standard due diligence and underwriting
Wanting to work up the risk curve and help build something from scratch

11:29 – The Startup Journey of Prelude Growth

From $85M in Fund I (2018) to $600M in Fund III (2025)
Early-stage scrappiness and challenges
Most rewarding part: building a recognized brand and seeing portfolio companies become category leaders

16:55 – Current Consumer Industry Trends & Outlook

Growth brands more insulated from macro headwinds
Tariff uncertainty and its impact on planning
Strategic reshuffling by large CPG players creating investment opportunities
Concerns around consumer debt and buy-now-pay-later risks
LP skepticism toward consumer-focused funds, but Prelude bucks the trend

20:35 – Content Recommendations

Podcasts: Pivot (Kara Swisher & Scott Galloway), Acquired, SmartLess
Business newsletters: Axios Pro Rata, Term Sheet
Substack content for niche consumer insights

21:32 – How to Connect with William
📧 Email: will@preludegrowth.com

🔚 Closing Thoughts:
William offers a masterclass in consumer investing; from risk frameworks and talent strategy to fundraising and sector specialization. His journey from major institutions to entrepreneurial investing highlights the power of clarity, conviction, and cultural fit in PE.

Raw Selection partners with Private Equity firms and their portfolio companies to secure exceptional executive talent. We focus on de-risking executive recruitment through meticulous search and selection processes, ensuring top-tier performance and long-term success.

🔗 Connect with Alex Rawlings on LinkedIn: https://www.linkedin.com/in/alexrawlings/
🌐 Visit Raw Selection: www.raw-selection.com

How Top Talent & Consumer Trends Drive $1.3B Growth With William Corner

The Private Equity Podcast, by Raw Selection